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Dec 24, 2012
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you can raise the bush -- the tax rates for people over $250,000 and you might. you might pay for six to eight days worth of federal spending. this isn't serious. we've got to get serious and the democrats aren't serious and the president is not either. if you want to get serious you have got to talk about spending and they just don't want to do that. you and i both know and when you go off the air in a couple minutes with me you know that raising taxes on people who make a million dollars or more won't do any good. you know that. >> that is not meant to be the whole solution though sir. that is only one piece of the process. >> but it won't -- what if it's a hurtful piece? what if it doesn't go to any aspect? >> to speak to your point about raising taxes on small business, the speaker's point the other day when he said he would be willing to raise taxes on a million dollars plus, his point was it won't hurt the small business person out there. >> well, it will. it'll impact 300,000 to 400,000 small businesses. so, in fact, it will. i give the speaker credit for
you can raise the bush -- the tax rates for people over $250,000 and you might. you might pay for six to eight days worth of federal spending. this isn't serious. we've got to get serious and the democrats aren't serious and the president is not either. if you want to get serious you have got to talk about spending and they just don't want to do that. you and i both know and when you go off the air in a couple minutes with me you know that raising taxes on people who make a million dollars or...
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Dec 18, 2012
12/12
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with the president negotiated in time, we're prepared to move some legislation that would extend the bush tax cuts for everybody making less than $1 million a year. that he said was plan "b" for republicans, and he and his aides emphasized that they are not in fact walking away from a deal. they say they are still negotiating, but they just have to have something ready in case of emergency, in case they get up to that deadline and can't get to the deal. now the next development we're waiting for here in the capitol building is 5:40 this evening. all house republicans will gather in another conference meeting, and they will talk about this plan "b" and will talk about scheduling details from now until the end of the week, and i think coming out of that meeting we might get a better sense of whether or not we're on track for a deal here or whether or not they are leading more towards a plan "b". >> i thought the president want that had anyway, he wanted to make sure that the tax cuts were extended for the low end of earners. is the issue $1 million versus 250? >> yeah, exactly. >> okay. >>
with the president negotiated in time, we're prepared to move some legislation that would extend the bush tax cuts for everybody making less than $1 million a year. that he said was plan "b" for republicans, and he and his aides emphasized that they are not in fact walking away from a deal. they say they are still negotiating, but they just have to have something ready in case of emergency, in case they get up to that deadline and can't get to the deal. now the next development we're...
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Dec 4, 2012
12/12
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they didn't extend the bush tax cuts until december 17th. they didn't handle the payroll tax until december 23rd. i lived inside the beltway. i have a pretty good network on the hill. i think they're going to have some kind of staged in agreement and then agree to attack the entitlement situation in the new year. >> michael, what do you make of what's going on? how do you try and trade this? at least we had some volatility the traders could trade on. now we don't have that. >> i think the lower volatility is telling you this is an extremely resilient stock market. i've been calling this the rocky balboa stock market. the entire scenario playing out is the fiscal cliff ends up being bullish no matter what. spending cuts makes bonds rise, yields fall and making stocks paradoxically even more attractive. they become the new bonds. >> alan, can you tell from option activity which way the markets are betting right now, presuming that not going over the fiscal cliff would be positive for stocks and going over the cliff would be negative? what's th
they didn't extend the bush tax cuts until december 17th. they didn't handle the payroll tax until december 23rd. i lived inside the beltway. i have a pretty good network on the hill. i think they're going to have some kind of staged in agreement and then agree to attack the entitlement situation in the new year. >> michael, what do you make of what's going on? how do you try and trade this? at least we had some volatility the traders could trade on. now we don't have that. >> i...
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Dec 5, 2012
12/12
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earliest republicans to say, you know what, let's take a the president up on his offer to extend the bush tax cuts for everybody under $250,000 and at least take that uncertainty off the table and then continue to negotiate the rest to have later. some of the republicans are now coalessing around that view that they should give into what the president is suggesting, at least temporarily, and continue to negotiate on the rest because there's a lot of political pain here for republicans if we do get to the point where we go over the cliff because of those higher tax rate pateryers, guys. >> all right, eamon. thank you. >> the talk continues, but none of it face to face. be sure to catch a live interview with one of the key players, treasury secretary tim geithner. he's here in one hour. you'll see him only on cnbc today. >> meanwhile, ahead of that, we have this market moving higher. triple-digit move. the dow industrials posting a strong gain in anticipation of a deal, even though the nasdaq is lower due to a handful of names under pressure, most notably apple. last time this happened in t
earliest republicans to say, you know what, let's take a the president up on his offer to extend the bush tax cuts for everybody under $250,000 and at least take that uncertainty off the table and then continue to negotiate the rest to have later. some of the republicans are now coalessing around that view that they should give into what the president is suggesting, at least temporarily, and continue to negotiate on the rest because there's a lot of political pain here for republicans if we do...
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Dec 26, 2012
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. >> the seeds of the fiscal cliff were planted in 2001 with the ten-year window for the bush tax cuts. secondly, look, you're not going to like this, rick, but the fact is the president has come more than halfway in terms -- he hasn't come anywhere. he's come halfway on 7%. he hasn't come halfway on the other side, the entitlement side, the reform side. we're going to a too light deal that's too small. >> a lot of people are saying he wants to go over the cliff because it gives him more leverage. >> yes. >> his treasury secretary said that. tim geithner said that on cnbc. >> right. >> well, look, i mean, first of all, i don't believe he wants to go over the cliff, but if we go over the cliff, the economic downturn only occurs as others have said in this very segment if we stay over. if we go over and quickly reverse the damage. it's not good. it's bad, but it's a lot better than the recessionary scenario of staying over. >> rick? >> i listened. doesn't change my mind what. are you going to be saying four years from today? >> we didn't expect it to. >> matt, what do you make of what's
. >> the seeds of the fiscal cliff were planted in 2001 with the ten-year window for the bush tax cuts. secondly, look, you're not going to like this, rick, but the fact is the president has come more than halfway in terms -- he hasn't come anywhere. he's come halfway on 7%. he hasn't come halfway on the other side, the entitlement side, the reform side. we're going to a too light deal that's too small. >> a lot of people are saying he wants to go over the cliff because it gives him...
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Dec 7, 2012
12/12
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we're in a crisis caused by the bush policies, unfunded wars, tax cuts we couldn't afford, and we have to dig our way out. in the process, the president is saying that the wealthiest are most able to contribute to that. >> it's not going to dig us out just raising the taxes on the wealthy. >> it is not going to dig us out alone. >> it's a very, very small and minor drop in the ocean in the grand scheme. >> you know what the wealthy are going snoto do? they're going to invest more abroad. they're not going to employ as many people. >> they didn't do that when -- >> we have to go, guys. >> rich people are going to do what's right. >> yes, they will. >> we can go back to the clinton rates and eisenhower rates and raise substantial revenue. >> no, we didn't. that's the point. >> okay, gentlemen. we have to break it up here. we have to rise above. >> pencils down, everybody. i feel like we've risen above, don't you? i don't know. are we any closer now? i don't think so. >> do you feel any higher than you were before? >> but that in a nutshell is what's going on in washington right now as we
we're in a crisis caused by the bush policies, unfunded wars, tax cuts we couldn't afford, and we have to dig our way out. in the process, the president is saying that the wealthiest are most able to contribute to that. >> it's not going to dig us out just raising the taxes on the wealthy. >> it is not going to dig us out alone. >> it's a very, very small and minor drop in the ocean in the grand scheme. >> you know what the wealthy are going snoto do? they're going to...
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Dec 7, 2012
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. >>> later, we have the former chairman of the council of economic advisers under president bush. he's going to join us as well as laura tyson, the former head of the cea under president clinton. we're going to get their take on the cliff and today's jobs number. >>> also, tough week for apple shares. is now the time to load up? stick around for the apple trade in the back half of this hour. stay tuned. [ male announcer ] when this hotel added aflac to provide a better benefits package... oahhh! [ male announcer ] it made a big splash with the employees. [ duck yelling ] [ male announcer ] find out more at... [ duck ] aflac! [ male announcer ] ...forbusiness.com. ♪ ha ha! >>> one of my next guests thinks that going over the fiscal cliff would be a good thing for wall street. the other says defense cuts would pose an unacceptable risk to the economy, national security, and her company. she is ceo and vice chairman of rti national metals. and howard dean should be joining us any minute now. in the meantime, thank you so much for joining us today, dawn. tell us exactly how going ov
. >>> later, we have the former chairman of the council of economic advisers under president bush. he's going to join us as well as laura tyson, the former head of the cea under president clinton. we're going to get their take on the cliff and today's jobs number. >>> also, tough week for apple shares. is now the time to load up? stick around for the apple trade in the back half of this hour. stay tuned. [ male announcer ] when this hotel added aflac to provide a better...
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but, okay, the tax used to be 36% got it used to be ordinary income under president george bush. we believe the tax in 2013 and beyond will go to 40% or more. instead of paying a 40% tax federally, they will only pay a 15% tax. liz: have you talked to the president, and if you have not, what would you say about this issue. i would say that he should know more about economics. after certain points, the government raises less money by increasing the tax rate. if the tax rate were 100%, liz, how much money would the government raise? 100% of zero because nobody would go to work if the government confiscated everything. at some point, if the taxes increases and it turns out most analysis, most economists agree that that rate is about 30%. up to 30%, the government raises or money by having a tax of 30%. liz: you are a very large shareholder, if not the very largest, you are saving about $690,000 on your tax bill as well. that gives people a sense of how much money could possibly be saved. in 2015, will you start paying dividends again? >> i cannot decide. it is not just up to me. we
but, okay, the tax used to be 36% got it used to be ordinary income under president george bush. we believe the tax in 2013 and beyond will go to 40% or more. instead of paying a 40% tax federally, they will only pay a 15% tax. liz: have you talked to the president, and if you have not, what would you say about this issue. i would say that he should know more about economics. after certain points, the government raises less money by increasing the tax rate. if the tax rate were 100%, liz, how...
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Dec 20, 2012
12/12
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he served as director of the office of management and budget under president bush and joins us now from indianapolis. so good to have you on the program. >> thanks, maria. >> so from your stand point, how do you get a deal done in washington? what advice do you have for lawmakers right now on how to get this budget deal back on the table? >> well, i'm not probably the one to ask about the immediate tactics of this so-called cliff, but my advice would be, yeah, sure. let's try to avoid a wrenching change the first of the year, but don't congratulate yourself if you do that. you've done anything fundament a. the real cliff, this is a speed bump. the real cliff, as we all know, is 16 drillion of debt and 60 odd drillion of unfunded promises, and -- and if they -- if and when they finally patch something together for the immediate future i hope no one hooeds a sigh of relief and thinks really anything important or fundamental has happened >> that's what we're waiting to see. i want you to stand by for me and we have numbers to get out on a research in motion quarter, company reporting ref n
he served as director of the office of management and budget under president bush and joins us now from indianapolis. so good to have you on the program. >> thanks, maria. >> so from your stand point, how do you get a deal done in washington? what advice do you have for lawmakers right now on how to get this budget deal back on the table? >> well, i'm not probably the one to ask about the immediate tactics of this so-called cliff, but my advice would be, yeah, sure. let's try...
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Dec 28, 2012
12/12
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spending cuts never happened. '90, bush put tax increases on the table, spending cuts never happened. obama never even put spending cuts on the table. he's putting spending increases on the table for another round of solyndra stimulus spending. he was willing to save money, $1 trillion, but not occupying iraq for the next decade. they kicked him out of the country a little while ago, but he wanted to count that like not continuing the war of 1812 as his budget cut. >> don't you feel though we're at such a fiscal crisis situation that there needs to be compromise on both sides though? there has to be some give to get something done? >> oh, absolutely. look, the republicans passed the ryan plan which saves $6 trillion over the next decade. reforms entitlements. reforms taxes. what we need is some spending restrai restraint. maybe we don't get all $6 trillion that the republicans were tough enough and strong enough and brave enough and courageous enough and serious enough to pass a budget. you talked about harry reid picking on me. harry reid suggesting that i'm the reason they haven't d
spending cuts never happened. '90, bush put tax increases on the table, spending cuts never happened. obama never even put spending cuts on the table. he's putting spending increases on the table for another round of solyndra stimulus spending. he was willing to save money, $1 trillion, but not occupying iraq for the next decade. they kicked him out of the country a little while ago, but he wanted to count that like not continuing the war of 1812 as his budget cut. >> don't you feel...
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Dec 20, 2012
12/12
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i think personally it could be because the bush tax cuts are ending and it makes sense for any fund or anybody who's long goal to has a low-cost base is to liquidate now and 3 initiate in the new year. >> i have a follow-up on that. specifically what was and options trade on tuesday and rumored to be a chinese rolling position, they sold 75 calls, all those in effect, 675 calls, the scuttlebutt on the street is these are a hedge, that they are hedging along, futures position. technically you came through the 200 day moving average the same day you hit the ten day moving average. we are down on major support, down on the 100 week moving average. liz: the fat tuesday's trade charlie talked about happen overnight and people said what is going on with gold? absolutely right on that. thanks for the color commentary. we love you guys, long live the floor traders. closing bell ringing in 38 minutes. dog eat dog world in the trading pits, especially for those exchanges, spreads in volume is down, water flow is not what it used to be. thomas caldwell is chairman and ceo of coldwell securities.
i think personally it could be because the bush tax cuts are ending and it makes sense for any fund or anybody who's long goal to has a low-cost base is to liquidate now and 3 initiate in the new year. >> i have a follow-up on that. specifically what was and options trade on tuesday and rumored to be a chinese rolling position, they sold 75 calls, all those in effect, 675 calls, the scuttlebutt on the street is these are a hedge, that they are hedging along, futures position. technically...
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Dec 26, 2012
12/12
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january 1st, the nation faces a $5 trillion tax increase over ten years through the expiration of the bush tax cuts and assuming congress does not approve the patch anded medicare doc fix, and other things. the lapse of the tax cuts means the top tax rate reverts to 39.6 from 35% now. taxes would also go up for lower income earners. the maximum low rate would revert to 15% from 10% now, and investors see capital gains rate revert from 20%, revert to 20%, rather from 15% now. depending on what analysis you look at, average families could pay $2,000 to $4,000 more in taxes next year. ashley? ashley: that's the why it's called the cliff. thank you, peter. >> you bet. ashley: the speaker stuck in a storm, but the phones do work. bell ringing soon, and amazon known for customer service, especially over the holidays, but it's not cared over to the web hosting business. merry christmas for hollywood. ticket sales going through the roof. details when "count down" returns. ♪ ♪ >> well, earlier, of course, we touched on the weakness in retail after disappointing data. well, technology shares und
january 1st, the nation faces a $5 trillion tax increase over ten years through the expiration of the bush tax cuts and assuming congress does not approve the patch anded medicare doc fix, and other things. the lapse of the tax cuts means the top tax rate reverts to 39.6 from 35% now. taxes would also go up for lower income earners. the maximum low rate would revert to 15% from 10% now, and investors see capital gains rate revert from 20%, revert to 20%, rather from 15% now. depending on what...
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Dec 3, 2012
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in a meeting today in washington, northrop grumman ceo wes bush with a dire warning. >> it would result in across the board cuts to both defense and nondefense accounts. and the interesting thing about this is the cuts are not tied to any military strategy whatsoever. it is completely disconnected from a perspective of strategy. in essence these would be meat axe taken to our national defense budgets. >> let's go straight to the front lines of the issue. task specializes in systems, engineering and integrate. president and ceo david langstaff is with us, among the defense contractors speaking out today in washington. he joins me now on the telephone. sir, good to have on you the program. thanks for joining us. >> thank you. glad to be with you. >> what's the potential fallout for task if we go over the fiscal cliff. how would you navigate this? >> first, it's just terrible policy to go over the fiscal cliff. and wes outlined reasons, totally indiscriminate cutting unrelated to strategy. one of the problems is no company knows how this will play out. so tasc like others are waiting, crea
in a meeting today in washington, northrop grumman ceo wes bush with a dire warning. >> it would result in across the board cuts to both defense and nondefense accounts. and the interesting thing about this is the cuts are not tied to any military strategy whatsoever. it is completely disconnected from a perspective of strategy. in essence these would be meat axe taken to our national defense budgets. >> let's go straight to the front lines of the issue. task specializes in systems,...
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Dec 27, 2012
12/12
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the bush era tax cuts will expire at the end of this year. obama was elected with a surplus of about 3 million votes. he won the election. he campaigned on this issue. again, the speaker can't take yes for an answer. the president has presented to him something that would prevent us from going over the cliff. it was in response to something the speaker gave to the president himself, but, again, i guess with the dysfunctional republican caucus in the house even the speaker can't tell what he's going to do because he backed off even his own proposal. mr. president, the house, we hear this so often, is controlled by the reap warnings and we acknowledge that. i would be most happy to move forward on something that senator mcconnell said they wouldn't filibuster over here that he would support and that boehner would support, if it were reasonable, but right now we haven't heard anything. i don't know, and it's none of my business, i guess, although i am very serious, if the speaker and the majority leader, the republican leader over here are even
the bush era tax cuts will expire at the end of this year. obama was elected with a surplus of about 3 million votes. he won the election. he campaigned on this issue. again, the speaker can't take yes for an answer. the president has presented to him something that would prevent us from going over the cliff. it was in response to something the speaker gave to the president himself, but, again, i guess with the dysfunctional republican caucus in the house even the speaker can't tell what he's...
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Dec 26, 2012
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one would be an extension of all the bush tax cuts under $250,000 in income for some period of time, probably temporary. the second is a stop-gap measure turning off the sequester for some short period of time. it may have a certain amount of spending cuts in there to in effect pay down what would have been taken indiscriminately across the board. in addition to that you would have the doc fix for medicare to prevent doctors reimbursement from falling precipitously in that program and a temporary extension of unemployment benefits. that's the mini deal we're looking at. the question is whether republicans will cooperate with democrats to do that in the senate and if house speaker john boehner would put that on the floor even if most republicans were not in favor of it. bill? >> okay. we're going to hope that something like that can be at the very minimum at this point. john harwood, thanks. see you later. don't worry, be happy. one of our next guests says should we go over the fiscal cliff, someone else on wall street says the cliff will not be a doomsday event. we'll get them to mak
one would be an extension of all the bush tax cuts under $250,000 in income for some period of time, probably temporary. the second is a stop-gap measure turning off the sequester for some short period of time. it may have a certain amount of spending cuts in there to in effect pay down what would have been taken indiscriminately across the board. in addition to that you would have the doc fix for medicare to prevent doctors reimbursement from falling precipitously in that program and a...
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Dec 21, 2012
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you're talking about the end of the bush era tax cuts. this is something the democrats have not liked from the very beginning. remember back when we tried to pass these ten years ago, the democrats didn't like they because they did nothing for the middle class. now we're led to believe that they're the protectors of the middle class by protecting these tax cuts? that's absurd. plus you have another portion of their party who would love to see the defense cuts go into play. now they can do it and blame somebody else. we hear what you're saying. everybody wants to think the president wants to cut a deal. go back and look at it in a detailed fashion. it is not beyond the likelihood that he wants to go over the cliff in the first place. >> congressman, you've got very informed, smart people investing. investors are watching. would you like to take this opportunity to explain to them why you and your colleagues in congress cannot agree on anything and cannot get one of the most important pieces of legislature done because we are impacting peop
you're talking about the end of the bush era tax cuts. this is something the democrats have not liked from the very beginning. remember back when we tried to pass these ten years ago, the democrats didn't like they because they did nothing for the middle class. now we're led to believe that they're the protectors of the middle class by protecting these tax cuts? that's absurd. plus you have another portion of their party who would love to see the defense cuts go into play. now they can do it...
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Dec 13, 2012
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likely change in the republican approach is to give up on holding out for the extension of all the bush tax cuts and let the tax cuts at the lower rates go through. as i said, i don't know that that's going to happen, but i think a shakeup of that kind is at least possible coming out of this meeting. we'll have to wait and see. i'm told the meeting will probably last less than an hour and we do not know whether either speaker or the president's going to speak after the meeting. certainly if a breakthrough takes place, we will hear from one or both of them. >> john, let me ask you. had somebody on the show who said earlier the whole goal is for the white house to get john boehner fired and to get the house back under democratic control. would they do that? do you think that's one of the goals here, make sure we go over the fiscal cliff so that it's the republicans fault and the public thinks it's the republicans fault so that the dems take back the house in 2014? >> reporter: not at all. john boehner is the president's partner at this point. he can't wait for two years for a resolution o
likely change in the republican approach is to give up on holding out for the extension of all the bush tax cuts and let the tax cuts at the lower rates go through. as i said, i don't know that that's going to happen, but i think a shakeup of that kind is at least possible coming out of this meeting. we'll have to wait and see. i'm told the meeting will probably last less than an hour and we do not know whether either speaker or the president's going to speak after the meeting. certainly if a...